Reliance Insurance Company Limited’s financial results for the year ended December 31, 2012

Karachi, March 26, 2013 (PPI-OT): We have to inform you that the Board of Directors of the company in their meeting held at 11.30 a.m. on Tuesday March 26, 2013 recommended the following:

(i) Cash Dividend

A final Cash Dividend for year ended December 31, 2012 Nil

(ii) Bonus Issue

It has been recommended by the Board of Directors to issue Bonus Shares in the proportion of 15 share(s) for every 100 share(s) held i.e. 15%.

(iii) Right Shares Nil

The financial results of the company are attached herewith, (Profit and Loss Account).

The Board of Directors have fixed the number of Elected Directors at Ten (10). The Election of Directors would be held on Insha-Allah in the Annual General Meeting.

The Annual General Meeting of the Company will be held at 12:00 noon on Tuesday the 30th April, 2013 at Head Office of the Company at “Reliance Insurance House” 181-A, Sindhi Muslim Co-operative Housing Society Karachi.

The Share Transfer Book of the Company shall remain closed from 17th April, 2013 to 30th April, 2013 (both days inclusive).

Transfer received at Company’s Share Registrar Office, M/s. C and K Management Associates (Pvt.) Limited 404-Trade Tower, Abdullah Haroon Road, Near Hotel Metropole Karachi at the close of business on 16th April, 2013 will be treated in time for the purpose of above entitlement to the transferees and to attend the meeting.

We will be sending you 300/100 copies of printed accounts for distribution amongst the members, of me Exchange 21 days before the date of AGM.

We will be sending you Free Reserve Certificate soon.

Profit and Loss Account Financial Year Ended December 31, 2012

Form GD

(Amount in Rs.)

Fire

Marine

Motor

Misc.

2012

2011

and

Aviation and

Aggregate

Aggregate

Property

Transport

(Restated)

Revenue Account

Net Premium Revenue

74,997,430

56,421,324

98,377,876

10,906,226

240,702,856

238,706,282

———-

———-

———-

———-

———–

———–

Net Claims

(13,373,094)

(14,658,164)

(53,513,814)

(1,551,357)

(83,096,429)

(86,322,165)

———-

———-

———-

———-

———–

———–

Expenses

(33,269,634)

(25,029,082)

(43,641,441)

(4,838,115)

(106,778,272)

(99,150,239)

———-

———-

———-

———-

———–

———–

Net Commission

(15,652,337)

(5,219,672)

(14,504,704)

1,592,644

(33,784,069)

(37,990,373)

———-

———-

———-

———-

———–

———–

Underwriting result

12,702,365

11,514,406

(13,282,083)

6,109,398

17,044,086

15,243,505

———-

———-

———-

———-

———–

———–

Investment income

110,252,604

94,857,862

Other Income

2,590,110

3,011,999

Financial Charges

(624,667)

(453,492)

General and Administration Expenses

(35,357,043)

(29,342,396)

———–

———–

Profit before tax

93,905,090

83,317,478

Provision for Taxation:

Current

(6,700,000)

(6,500,000)

———–

———–

Profit after tax

87,205,090

76,817,478

———–

———–

Profit and Loss Appropriation Account

Balance at Commencement of the year

106,488,467

99,108,959

Profit after tax for the year

87,205,090

76,817,478

Cash Dividend for the year 2011 7.5%

(23,920,479)

–

Transfers to reserves (General Reserve)

–

(2,500,000)

Interim Bonus Shares issued for the year 2011 12.5%

–

(35,437,750)

Bonus Shares issued for the year 2010 12.5%

–

(31,500,220)

———–

———–

Balance accumulated at the end of the year

169,773,078

106,488,467

———–

———–

Earning per Share-Basic and Diluted

2.73

2.41

To be annexed notes from 1 to 31 form an integral part of these financial statements.